Axios Live: F1's smallest track hosts biggest deals

MONACO — Monaco may have the tightest streets on Formula One's calendar, but it still draws some of the sport's biggest business conversations, several speakers said at an Axios Live and The Race Media event.

Why it matters: F1 has transformed from a niche European motorsport to a global platform and the drivers at the center of that growth say it's because of its human element.

Axios' Sara Fischer and The Race Media's Darren Cox moderated conversations with Jessica Hawkins, head of F1 Academy and driver ambassador for Aston Martin Aramco Formula One™ Team, and former Formula One™ driver Jenson Button. The June 4 event was sponsored by Aston Martin Aramco Formula One™ Team.

Driving the news: F1's market has exploded well beyond its European roots with rising global interest, particularly in the United States.

• "It's turned it from an amazing sport to a global platform that everybody wants a piece of," Hawkins said.

State of play: The sport is growing fast, but continues to face some challenges..

• For instance, Monaco's streets are too narrow and dangerous by today's safety racing standards. Button said it wouldn't make the calendar if F1 started fresh today.
• And, the sport still doesn't have many women represented, but Hawkins said she's hopeful to "see a woman in F1 in the future."

The bottom line: As automation and AI creep into the sport, Hawkins said the one thing no machine can replicate is "the personality of the squishy bit that sits in the middle."

Content from the sponsor's segment:

In a View From the Top conversation, Jeff Slack, managing director of commercial and marketing at Aston Martin Aramco Formula One™Team, said F1 teams remain "undervalued" but added that the U.S. market has unlocked the sport's commercial potential.

• "Traditionally, F1 is really a European marketing play. Now it's completely open," Slack said.
• He said Aston Martin's revenues have grown roughly 20 times since 2021.